Philippine-China trade and investment relations should continue to be robust regardless of who the president is, according to Jeffrey Ng, vice president of the Federation of Filipino-Chinese Chamber of Commerce Inc. (FFCCI).
According to Ng, the Belt & Road Initiatives, Asian Infrastructure Investment Bank and the Regional Comprehensive Economic Partnership provide the solid foundation for sustained Philippine- China economic relations.
George Siy, chair of the trade and Industry committee of FFCCI said there should be less focus on political issues.
Siy said instead both countries should concentrate on sectors which are mutually beneficial to their economies.
Ng identified mineral processing as one of sectors that the Philippines can seek investments from China which consumes 50 to 60 percent of the world’s nickel, copper, iron and steel, aluminum etc.
Ng said a recently-announced investment, the $3.5-billion integrated steel project of Panhua Group, would enable the Philippines to produce rebars, hot rolled and cold rolled coils and other products for local consumption, and even for export.
The project is yet to be approved, he said, though Panhua has so far spent $10 million to
prepare the investment.
Other investments are garments and mid-level manufacturing, telecommunication and entertainment and restaurants and in the past Philippine offshore gaming operations which Siy said in 2019 contributed to the real estate boom.
